FHA Loans: Requirements & Insider Tips

If a low down payment and flexible financing are at the top of your checklist for a mortgage, than an FHA loan may be just what you need!

We offer FHA mortgage loans in Memphis, TN and all of the surrounding areas including Fayette, Shelby & Tipton County and also in Mississippi. Even if you are moving out of the area, no problem we have you covered because we are licensed in all 50 states.

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More than

350

5 Star Customer Reviews

The Wendy Thompson team was great! We were first time home buyers, and they made the process more simple for us. They were prompt with responses, patient with first time buyers (and all the many questions I had), and honest which is something I was nervous about being inexperienced. I truly would recommend everyone to go through these people when buying a home!! I would not have asked for a better experience!
sbaltens
My dream was to have my newborn daughter in our newhome. She was due in three weeks and the initial closing date was in about 4 weeks. I thought it would be impracticable to close in time for my baby but Wendy and her team made it happen. Such is the level of care and commitment of the Wendy Thompson Lending Team. They go out of their way to make their customers surprisingly happy. Thanks Wendy!!!
Derick Agbeve
Wendy Thompson and her team made an extremely stressful home buying process much less stressful. Although we had a couple of hiccups Wendy and her team were there to help us through each situation. Wendy worked incredibly hard to find solutions through some of the situations and I even got a new SUV out of the process! Who Does That during a home purchase?? The Wendy Thompson Team Does!! Thanks again Wendy and team!!!!
Al Taylor
Wendy Thompson and her team made an extremely stressful home buying process much less stressful. Although we had a couple of hiccups Wendy and her team were there to help us through each situation. Wendy worked incredibly hard to find solutions through some of the situations and I even got a brand new vehicle based on her recommendation. Who does that??? The Wendy Thompson Team does!!! Thanks again Wendy and your team for helping us buy our dream home!!!
aledward8
Great service. Excellent team. My loan was seamless and closed within 30 days. I have already recommended Wendy and her team. I couldn't be more pleased.
jeannefaries
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Heartfelt FHA Advice from Me to You

Many people have heard that an FHA loan allows you to make less of a down payment and allows a few “scrapes” on your credit report. However, that doesn’t mean an FHA loan is automatically the best fit for you or your family.

Here are a few things we think you should know:

  • It’s Ok to talk to a lender BEFORE you pick a Realtor or go house shopping.

  • You may still be able to get a loan from us, even if you’ve been turned down elsewhere

  • There are lots of financing options, so don’t be afraid to pick up the phone and talk to us. A short phone conversation answers a lot of questions!

  • You CAN get everything the online lenders promise from a local lender

Ready to Start?

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FHA Loan Basic requirements

In everyday terms, the FHA program was created to put families into homes without stretching their finances!  What does that mean?

  • Down Payments as low as 3.5%
  • Gift funds are allowed for the down payment
  • No closing cost options may be available
  • No income limit restrictions

In order to allow these more flexible financing terms, borrowers are required to pay for mortgage insurance which protects the lender in the event the loan defaults.  There is an up-front premium (typically 1.75%) paid at the time of closing, and an annual premium which is escrowed and paid monthly.

FHA loan math can get complicated quickly! So while it’s a great idea to pre-qualify online and see what the numbers are, it’s best to schedule a short follow up phone call to discuss your situation and get a firm estimate on the important numbers.

Areas We Serve

 The Wendy Thompson Lending Team is licensed to write FHA loans anywhere in the United States.

However, as a local, Memphis based company, our primary service areas include:

  • Arlington

  • Bartlett

  • Collierville

  • Eads

  • Germantown

  • Lakeland

  • Memphis

  • Millington

  • Tipton County:

  • Atoka

  • Brighton

  • Fayette County:

  • Oakland

  • Somerville

  • Decatur County:

  • Decaturville

  • Parsons

  • Haywood County:

  • Brownsville

  • Haywood County:

  • Brownsville

  • Lexington County:

  • Chesterfield

  • Lexington

  • Madison County:

  • Jackson

  • Gibson County:

  • Dyer

  • Humboldt

  • Medina

  • Milan

  • Trenton

  • Yorkville

  • Mississippi:

  • Olive Branch

  • Southaven